BAC Books $1.2B AML Charge, EPS Hit $0.17 as Shares Fall
BAC is trading near its 52-week low of $46.115 (14% above the low).
Summary
Bank of America reported Q3 net income of $6.9 billion, or $0.91 per diluted share, including a $1.2 billion non-tax-deductible charge for AML and sanctions lapses that drew $1.21 billion in Treasury penalties. Adjusted net income was $8.1 billion, or $1.08 per share. The charge cuts EPS by about $0.17 and shares fell on the news. This follows the Treasury's penalty announcement on October 13, adding the earnings impact and market reaction. The bank says it is progressing on regulator-ordered remediation and has included remediation costs in current expenses.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Bank of America reported Q3 net income of $6.9 billion, or $0.91 per diluted share, including the $1.2 billion regulatory settlement charge; adjusted net income was $8.1 billion, or $1.08 per share.
At the time of this announcement, BAC was trading at $52.73 on NYSE in the Finance sector, with a market capitalization of approximately $377.3B. The 52-week trading range was $46.12 to $65.23. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.